Applicable TDS rate for sale of property in Nov 2024
This query is : Resolved
Quick Summary
raghuram K
(Querist)
20 November 2024
I am planning to buy a property located in Chennai, value being negotiated is Rs.80lacs. Seller is an NRI. I would like to know
a) the applicable TDS rate for the above transaction? Surcharge & Cess as applicable. I would like to know base TDS rate.
b) I read couple of responses in this forums and understand that Indexation benefit is not available for NRI. does this impact the TDS rate?
a) the applicable TDS rate for the above transaction? Surcharge & Cess as applicable. I would like to know base TDS rate.
b) I read couple of responses in this forums and understand that Indexation benefit is not available for NRI. does this impact the TDS rate?
Dhirajlal Rambhia
(Expert)
20 November 2024
Unless the seller obtains lower tax deduction certificate from his Jurisdictional ITO, TDS has to be deducted at 12.5% +Cess over total sale proceeds if long term holding.
raghuram K
(Querist)
20 November 2024
Thank you, sir for quicker response.
Dhirajlal Rambhia
(Expert)
20 November 2024
You are welcome.
Nikhil Kaushik
(Expert)
21 November 2024
just to add to this. Surcharge shall apply too to this transaction. so its 12.5% plus 10% surcharge. Add 4% cess to this amount.
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